RF Industries Announces Sale of RadioMobile Division to the Division’s
Management
Business Wire
SAN DIEGO -- October 31, 2013
RF Industries, Ltd. (NASDAQ: RFIL) announced that it has sold its RadioMobile
operations to RadioMobile, Inc., a company formed by the management team of
that division. In exchange for the transfer of the assets, RadioMobile, Inc.
will pay RF Industries a portion of all of its future revenues for three
years.
Howard Hill, Chief Executive Officer of RF Industries “RF Industries is
focused on our strategy to provide interconnect products and complex cable
assemblies primarily to the wireless market, while RadioMobile specializes in
providing customized mobile public safety communications systems. The
synergies that we expected to be realized when we purchased the RadioMobile
division several years ago, never materialized. We believe the spinoff of this
division into the capable hands of its current management benefits both
entities and allows each of us to focus our resources on our core business
competencies.”
About RF Industries
RF Industries is a leading designer and manufacturer of innovative
interconnect products and complex cable assemblies across diversified, high
growth markets including wireless carriers & infrastructure, medical and
industrial.The Company’s products include RF connectors, coaxial and custom
cable assemblies, fiber optic cables, wiring harnesses, and medical wiring.
The Company’s leading edge connectivity solutions are used throughout the
growing and evolving wireless infrastructure. The Company has reported 19
consecutive years of profitability and is headquartered in San Diego,
California with operations in Las Vegas, Nevada and Yaphank, New York.Please
visit the RF Industries website at www.rfindustries.com.
Forward-Looking Statements
This press release contains forward-looking statements with respect to future
events which are subject to a number of factors that could cause actual
results to differ materially. Factors that could cause or contribute to such
differences include, but are not limited to: changes in the telecommunications
industry; the operations of the Cables Unlimited division which was acquired
in June 2011; and the Company’s reliance on certain distributors for a
significant portion of anticipated revenues. Further discussion of these and
other potential risk factors may be found in the Company’s public filings with
the Securities and Exchange Commission (www.sec.gov) including its Form 10-K.
All forward-looking statements are based upon information available to the
Company on the date they are published and the Company undertakes no
obligation to publicly update or revise any forward-looking statements to
reflect events or new information after the date of this release.
Contact:
Investor Contact:
Institutional Marketing Services (IMS)
John Nesbett/Jennifer Belodeau
203-972-9200
jnesbett@institutionalms.com
or
Company Contact:
RF Industries, Ltd.
James Doss, President
858-549-6340
rfi@rfindustries.com